RANKING OF EU COUNTRIES ACCORDING TO INNOVATION POTENTIAL
DOI:
https://doi.org/10.26458/2232Keywords:
innovation, research and development (R&D), MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method, composite index, European Union (EU) countriesAbstract
In a high-tech society, the main factor of economic development are activities related to research and development (R&D). The purpose of the paper is to rank all 27 countries of the European Union (EU) according to selected indicators of innovation potential. The author singled out five relevant indicators from the Eurostat database (section related to innovation) in the assessment of the conditions for innovation development in the EU using the MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method. Based on the conducted multi-criteria analysis, the author concludes that Germany, Sweden, France and the Netherlands have the best innovation performance, so that these countries are the closest to achieving the goals of a highly competitive economy and sustainable economic development. On the other hand, Romania, Cyprus, Slovakia and Croatia show the weakest innovation potential, followed by other newer EU members.References
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